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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2023
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to ____________
Commission File Number 001-09553
Paramount Global
(Exact name of registrant as specified in its charter)
Delaware04-2949533
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer Identification No.)
1515 BroadwayNew York,New York10036
(Address of principal executive offices)(Zip Code)
(212) 258-6000
(Registrant’s telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Class A Common Stock, $0.001 par valuePARAAThe Nasdaq Stock Market LLC
Class B Common Stock, $0.001 par valuePARAThe Nasdaq Stock Market LLC
5.75% Series A Mandatory Convertible Preferred Stock, $0.001 par valuePARAPThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer 
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes     No 
Number of shares of common stock outstanding at May 1, 2023:
Class A Common Stock, par value $.001 per share— 40,704,341
Class B Common Stock, par value $.001 per share— 610,852,890



PARAMOUNT GLOBAL
INDEX TO FORM 10-Q
Page
PART I – FINANCIAL INFORMATION
Item 1.
Item 1A.



PART I – FINANCIAL INFORMATION
Item 1.Financial Statements.
PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share amounts)
Three Months Ended
March 31,
20232022
Revenues$7,265 $7,328 
Costs and expenses:
Operating4,964 4,796 
Programming charges1,674  
Selling, general and administrative1,753 1,619 
Depreciation and amortization100 96 
Restructuring and other corporate matters 57 
Total costs and expenses8,491 6,568 
Gain on dispositions 15 
Operating income (loss)(1,226)775 
Interest expense(226)(240)
Interest income35 21 
Loss on extinguishment of debt  (73)
Other items, net(46)(13)
Earnings (loss) from continuing operations before income taxes and
   equity in loss of investee companies
(1,463)470 
Benefit (provision) for income taxes381 (34)
Equity in loss of investee companies, net of tax(75)(37)
Net earnings (loss) from continuing operations(1,157)399 
Net earnings from discontinued operations, net of tax45 42 
Net earnings (loss) (Paramount and noncontrolling interests)(1,112)441 
Net earnings attributable to noncontrolling interests(6)(8)
Net earnings (loss) attributable to Paramount$(1,118)$433 
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations$(1,163)$391 
Net earnings from discontinued operations, net of tax45 42 
Net earnings (loss) attributable to Paramount$(1,118)$433 
Basic net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations$(1.81)$.58 
Net earnings from discontinued operations$.07 $.06 
Net earnings (loss)$(1.74)$.65 
Diluted net earnings (loss) per common share attributable to Paramount:
Net earnings (loss) from continuing operations$(1.81)$.58 
Net earnings from discontinued operations$.07 $.06 
Net earnings (loss)$(1.74)$.64 
Weighted average number of common shares outstanding:
Basic651 649 
Diluted651 651 
See notes to consolidated financial statements.
-3-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited; in millions)
Three Months Ended
March 31,
20232022
Net earnings (loss) (Paramount and noncontrolling interests)$(1,112)$441 
Other comprehensive income (loss), net of tax:
Cumulative translation adjustments53 (40)
Decrease to net actuarial loss and prior service costs11 16 
Other comprehensive income (loss) from continuing operations,
net of tax (Paramount and noncontrolling interests)
64 (24)
Other comprehensive income from discontinued operations2 2 
Comprehensive income (loss)(1,046)419 
Less: Comprehensive income attributable to noncontrolling interests7 8 
Comprehensive income (loss) attributable to Paramount$(1,053)$411 
See notes to consolidated financial statements.

-4-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions, except per share amounts)
AtAt
March 31, 2023December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents$2,109 $2,885 
Receivables, net7,448 7,412 
Programming and other inventory1,085 1,342 
Prepaid expenses and other current assets1,364 1,308 
Current assets of discontinued operations651 787 
Total current assets12,657 13,734 
Property and equipment, net1,718 1,762 
Programming and other inventory15,692 16,278 
Goodwill16,511 16,499 
Intangible assets, net2,688 2,694 
Operating lease assets1,363 1,391 
Deferred income tax assets, net1,286 1,242 
Other assets3,848 3,991 
Assets of discontinued operations798 802 
Total Assets$56,561 $58,393 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$1,235 $1,403 
Accrued expenses1,760 2,071 
Participants’ share and royalties payable2,421 2,416 
Accrued programming and production costs2,425 2,063 
Deferred revenues1,092 973 
Debt240 239 
Other current liabilities1,642 1,477 
Current liabilities of discontinued operations480 549 
Total current liabilities11,295 11,191 
Long-term debt15,613 15,607 
Participants’ share and royalties payable1,665 1,744 
Pension and postretirement benefit obligations1,454 1,458 
Deferred income tax liabilities, net668 1,077 
Operating lease liabilities 1,398 1,428 
Program rights obligations326 367 
Other liabilities1,603 1,715 
Liabilities of discontinued operations196 200 
Commitments and contingencies (Note 13)
Paramount stockholders’ equity:
5.75% Series A Mandatory Convertible Preferred Stock, par value $.001 per share;
    25 shares authorized; 10 (2023 and 2022) shares issued
  
Class A Common Stock, par value $.001 per share; 55 shares authorized;
41 (2023 and 2022) shares issued
  
Class B Common Stock, par value $.001 per share; 5,000 shares authorized;
1,113 (2023) and 1,112 (2022) shares issued
1 1 
Additional paid-in capital33,087 33,063 
Treasury stock, at cost; 503 (2023 and 2022) shares of Class B Common Stock
(22,958)(22,958)
Retained earnings13,463 14,737 
Accumulated other comprehensive loss (1,742)(1,807)
Total Paramount stockholders’ equity21,851 23,036 
Noncontrolling interests492 570 
Total Equity22,343 23,606 
Total Liabilities and Equity$56,561 $58,393 
See notes to consolidated financial statements.
-5-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Three Months Ended
March 31,
20232022
Operating Activities:
Net earnings (loss) (Paramount and noncontrolling interests)$(1,112)$441 
Less: Net earnings from discontinued operations, net of tax45 42 
Net earnings (loss) from continuing operations(1,157)399 
Adjustments to reconcile net earnings (loss) from continuing operations to net cash flow
   (used for) provided by operating activities from continuing operations:
Depreciation and amortization100 96 
Programming charges1,674  
Deferred tax benefit(436)(62)
Stock-based compensation39 36 
Gain on dispositions (15)
Loss on extinguishment of debt 73 
Equity in loss of investee companies, net of tax75 37 
Change in assets and liabilities(778)(269)
Net cash flow (used for) provided by operating activities from continuing operations(483)295 
Net cash flow provided by operating activities from discontinued operations105 102 
Net cash flow (used for) provided by operating activities(378)397 
Investing Activities:
Investments (43)(59)
Capital expenditures(71)(52)
Other investing activities25 31 
Net cash flow used for investing activities(89)(80)
Financing Activities:
Proceeds from issuance of notes and debentures 991 
Repayment of notes and debentures (2,001)
Dividends paid on preferred stock(14)(14)
Dividends paid on common stock(166)(158)
Payment of payroll taxes in lieu of issuing shares for stock-based compensation(16)(9)
Payments to noncontrolling interests(89)(77)
Other financing activities(27)(3)
Net cash flow used for financing activities(312)(1,271)
Effect of exchange rate changes on cash and cash equivalents3 (11)
Net decrease in cash and cash equivalents(776)(965)
Cash and cash equivalents at beginning of year 2,885 6,267 
Cash and cash equivalents at end of period$2,109 $5,302 
See notes to consolidated financial statements.
-6-


PARAMOUNT GLOBAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited; in millions)
Three Months Ended March 31, 2023
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 202210 $ 650 $1 $33,063 $(22,958)$14,737 $(1,807)$23,036 $570 $23,606 
Stock-based
compensation
activity and other
— — 1 — 24 — 19 — 43 — 43 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (161)— (161)— (161)
Noncontrolling
interests
— — — — — — — — — (85)(85)
Net earnings (loss)— — — — — — (1,118)— (1,118)6 (1,112)
Other comprehensive
income
— — — — — — — 65 65 1 66 
March 31, 202310 $ 651 $1 $33,087 $(22,958)$13,463 $(1,742)$21,851 $492 $22,343 
Three Months Ended March 31, 2022
Preferred StockClass A and B Common Stock Additional Paid-In CapitalTreasury
Stock
Retained EarningsAccumulated Other Comprehensive LossTotal Paramount Stockholders’ EquityNoncontrolling InterestsTotal Equity
(Shares)(Shares)
December 31, 202110 $ 648 $1 $32,918 $(22,958)$14,343 $(1,902)$22,402 $568 $22,970 
Stock-based
compensation
activity
— — 1 — 28 — — — 28 — 28 
Preferred stock
dividends
— — — — — — (14)— (14)— (14)
Common stock
dividends
— — — — — — (159)— (159)— (159)
Noncontrolling
interests
— — — — — — (4)— (4)(83)(87)
Net earnings— — — — — — 433 — 433 8 441 
Other comprehensive
loss
— — — — — — — (22)(22)— (22)
March 31, 202210 $ 649 $1 $32,946 $(22,958)$14,599 $(1,924)$22,664 $493 $23,157 
See notes to consolidated financial statements.
-7-



PARAMOUNT GLOBAL AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Tabular dollars in millions, except per share amounts)

1) BASIS OF PRESENTATION
Description of Business—Paramount Global, a global media, streaming and entertainment company that creates premium content and experiences for audiences worldwide, is comprised of the following segments:

TV Media—Our TV Media segment consists of our (1) broadcast operationsthe CBS Television Network, our domestic broadcast television network; CBS Stations, our owned television stations; and our international free-to-air networks, Network 10, Channel 5, Telefe, and Chilevisión; (2) premium and basic cable networks, including Showtime, MTV, Comedy Central, Paramount Network, The Smithsonian Channel, Nickelodeon, BET Media Group, CBS Sports Network, and international extensions of certain of these brands; (3) domestic and international television studio operations, including CBS Studios, Paramount Television Studios and MTV Entertainment Studios, as well as CBS Media Ventures, which produces and distributes first-run syndicated programming. TV Media also includes a number of digital properties such as CBS News Streaming and CBS Sports HQ.

Direct-to-ConsumerOur Direct-to-Consumer segment consists of our portfolio of domestic and international pay and free streaming services, including Paramount+, Pluto TV, Showtime Networks’ premium subscription streaming service (Showtime OTT), BET+ and Noggin.

Filmed EntertainmentOur Filmed Entertainment segment consists of Paramount Pictures, Paramount Players, Paramount Animation, Nickelodeon Studio, Awesomeness and Miramax.

In January 2023, we announced that we will be fully integrating Showtime into Paramount+ across both streaming and linear platforms later in the year.

References to “Paramount,” the “Company,” “we,” “us” and “our” refer to Paramount Global and its consolidated subsidiaries, unless the context otherwise requires.

Basis of Presentation—The accompanying unaudited consolidated financial statements have been prepared on a basis consistent with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules of the Securities and Exchange Commission (SEC). These financial statements should be read in conjunction with the more detailed financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022.

In the opinion of management, the accompanying unaudited consolidated financial statements reflect all adjustments, consisting only of normal and recurring adjustments, necessary for a fair statement of our financial position, results of operations and cash flows for the periods presented. Certain previously reported amounts have been reclassified to conform to the current presentation.

Discontinued Operations—In the fourth quarter of 2020, we entered into an agreement to sell our publishing business, Simon & Schuster, which was previously reported as the Publishing segment and as a result, we began presenting Simon and Schuster as a discontinued operation. In the fourth quarter of 2022, we terminated the agreement after the U.S. Department of Justice prevailed in its suit to block the sale. Simon & Schuster remains a noncore asset as it does not fit strategically within our video-based portfolio. We expect to enter into a new agreement to sell Simon & Schuster in 2023. Assuming that we do so, closing would be subject to closing conditions that would include regulatory approval. Simon & Schuster continues to be presented as a discontinued operation for all periods presented (see Note 2).

-8-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Use of Estimates—The preparation of our consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may vary from these estimates under different assumptions or conditions.

Net Earnings (Loss) per Common Share—Basic net earnings (loss) per share (“EPS”) is based upon net earnings (loss) available to common stockholders divided by the weighted average number of common shares outstanding during the period. Net earnings (loss) available to common stockholders is calculated as net earnings (loss) from continuing operations or net earnings (loss), as applicable, adjusted to include a reduction for dividends recorded during the applicable period on our 5.75% Series A Mandatory Convertible Preferred Stock (“Mandatory Convertible Preferred Stock”).

Weighted average shares for diluted EPS reflects the effect of the assumed exercise of stock options and vesting of restricted share units (“RSUs”) or performance share units (“PSUs”) only in the periods in which such effect would have been dilutive. Diluted EPS also reflects the effect of the assumed conversion of preferred stock, if dilutive, which includes the issuance of common shares in the weighted average number of shares and excludes the above-mentioned preferred stock dividend adjustment to net earnings (loss) available to common stockholders.

For the three months ended March 31, 2023, stock options and RSUs of 21 million were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive since we reported a net loss. For the three months ended March 31, 2022, stock options and RSUs of 6 million were excluded from the calculation of diluted EPS because their inclusion would have been antidilutive. Also excluded from the calculation of diluted EPS for each period was the effect of the assumed conversion of 10 million shares of Mandatory Convertible Preferred Stock into shares of common stock because the impact would have been antidilutive. The table below presents a reconciliation of weighted average shares used in the calculation of basic and diluted EPS.
Three Months Ended
March 31,
(in millions)20232022
Weighted average shares for basic EPS651 649 
Dilutive effect of shares issuable under stock-based
compensation plans
 2 
Weighted average shares for diluted EPS651 651 

-9-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Additionally, because the impact of the assumed conversion of the Mandatory Convertible Preferred Stock would have been antidilutive, net earnings (loss) from continuing operations and net earnings (loss) used in our calculation of diluted EPS for the three months ended March 31, 2023 and 2022 include a reduction for the preferred stock dividends recorded during each period. The table below presents a reconciliation of net earnings (loss) from continuing operations and net earnings (loss) to the amounts used in the calculations of basic and diluted EPS.
Three Months Ended
March 31,
20232022
Amounts attributable to Paramount:
Net earnings (loss) from continuing operations$(1,163)$391 
Preferred stock dividends(14)(14)
Net earnings (loss) from continuing operations for basic and
   diluted EPS calculation
$(1,177)$377 
Amounts attributable to Paramount:
Net earnings (loss)
$(1,118)$433 
Preferred stock dividends(14)(14)
Net earnings (loss) for basic and diluted EPS calculation
$(1,132)$419 
2) DISCONTINUED OPERATIONS
The following table sets forth details of net earnings from discontinued operations for the three months ended March 31, 2023 and 2022, which primarily reflects the results of Simon & Schuster (See Note 1).
Three Months Ended
March 31,
20232022
Revenues$258 $217 
Costs and expenses:
Operating151 124 
Selling, general and administrative 45 38 
Total costs and expenses (a)
196 162 
Operating income62 55 
Other items, net(3)(1)
Earnings from discontinued operations59 54 
Provision for income taxes (b)
(14)(12)
Net earnings from discontinued operations, net of tax $45 $42 
(a) Included in total costs and expenses are amounts associated with the release of indemnification obligations for leases relating to a previously disposed business of $4 million and $5 million for the three months ended March 31, 2023 and 2022, respectively.
(b) The tax provision includes amounts relating to previously disposed businesses of $1 million for each of the three months ended March 31, 2023 and 2022.
-10-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The following table presents the major classes of assets and liabilities of our discontinued operations.
AtAt
March 31, 2023December 31, 2022
Receivables, net$419 $558 
Other current assets232 229 
Goodwill 434 434 
Property and equipment, net53 53 
Operating lease assets204 204 
Other assets107 111 
Total Assets$1,449 $1,589 
Royalties payable$160 $161 
Other current liabilities320 388 
Operating lease liabilities179 182 
Other liabilities17 18 
Total Liabilities$676 $749 
3) PROGRAMMING AND OTHER INVENTORY
The following table presents our programming and other inventory at March 31, 2023 and December 31, 2022, grouped by type and predominant monetization strategy.
AtAt
March 31, 2023December 31, 2022
Film Group Monetization:
Acquired program rights, including prepaid sports rights$2,899 $3,238 
Internally-produced television and film programming:
Released6,965 7,154 
In process and other2,690 3,299 
Individual Monetization:
Acquired libraries382 394 
Film inventory:
Released720 694 
Completed, not yet released47 129 
In process and other1,588 1,317 
Internally-produced television programming:
Released759 624 
In process and other683 726 
Home entertainment44 45 
Total programming and other inventory16,777 17,620 
Less current portion1,085 1,342 
Total noncurrent programming and other inventory$15,692 $16,278 
-11-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
The following table presents amortization of our television and film programming and production costs, which is included within “Operating expenses” on the Consolidated Statements of Operations.
Three Months Ended
March 31,
20232022
Programming costs, acquired programming$1,414 $1,496 
Production costs, internally-produced television and film programming:
Individual monetization$396 $491 
Film group monetization$1,368 $1,147 
Programming Charges
During the first quarter of 2023, in connection with our plan to integrate Showtime into Paramount+ across both streaming and linear platforms, we performed a comprehensive strategic review of the combined content portfolio of Showtime and Paramount+. We also reviewed our international content portfolio in connection with initiatives to rationalize and right-size our international operations to align with our streaming strategy, and close or globalize certain of our international channels. Following these reviews, we determined that we would not use certain content on our platforms, which resulted in the removal or abandonment of content, the write-off of development costs, and the termination of programming agreements during the quarter. Accordingly, we recorded charges totaling $1.67 billion on the Consolidated Statement of Operations for the three months ended March 31, 2023. The charges are comprised of $1.45 billion for the impairment of content to its estimated fair value, which included assumptions for estimated secondary market licensing revenues, if any, as well as $225 million for development cost write-offs and contract termination costs.
4) RELATED PARTIES
National Amusements, Inc.
National Amusements, Inc. (“NAI”) is the controlling stockholder of the Company. At March 31, 2023, NAI directly or indirectly owned approximately 77.4% of our voting Class A Common Stock and approximately 9.7% of our Class A Common Stock and non-voting Class B Common Stock on a combined basis. NAI is controlled by the Sumner M. Redstone National Amusements Part B General Trust (the “General Trust”), which owns 80% of the voting interest of NAI and acts by majority vote of seven voting trustees (subject to certain exceptions), including with respect to the NAI shares held by the General Trust. Shari E. Redstone, Chairperson, CEO and President of NAI and non-executive Chair of our Board of Directors, is one of the seven voting trustees for the General Trust and is one of two voting trustees who are beneficiaries of the General Trust. No member of our management or other member of our Board of Directors is a trustee of the General Trust.

-12-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Other Related Parties
In the ordinary course of business, we are involved in transactions with our equity-method investees, primarily for the licensing of television and film programming. The following tables present the amounts recorded in our consolidated financial statements related to these transactions.
Three Months Ended
March 31,
2023 (a)
2022
Revenues$108 $54 
Operating expenses$4 $5 
(a) The increase in revenues for the three months ended March 31, 2023 relates to the SkyShowtime streaming service, which launched in September 2022.
AtAt
March 31, 2023December 31, 2022
Accounts receivable$237 $198 

Through the normal course of business, we are involved in other transactions with related parties that have not been material in any of the periods presented.
5) REVENUES
The table below presents our revenues disaggregated into categories based on the nature of such revenues. See Note 12 for revenues by segment disaggregated into these categories.
Three Months Ended
March 31,
20232022
Revenues by Type:
Advertising $2,651 $2,864 
Affiliate and subscription3,179 2,840 
Theatrical127 131 
Licensing and other1,308 1,493 
Total Revenues$7,265 $7,328 
Receivables
Reserves for accounts receivable reflect our expected credit losses based on historical experience as well as current and expected economic conditions. At March 31, 2023 and December 31, 2022, our allowance for credit losses was $109 million and $111 million, respectively.

Included in “Other assets” on the Consolidated Balance Sheets are noncurrent receivables of $1.51 billion and $1.61 billion at March 31, 2023 and December 31, 2022, respectively. Noncurrent receivables primarily relate to revenues recognized under long-term content licensing arrangements. Revenues from the licensing of content are recognized at the beginning of the license period in which programs are made available to the licensee for exhibition, while the related cash is generally collected over the term of the license period.

-13-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Contract Liabilities
Contract liabilities are included within “Deferred revenues” and “Other liabilities” on the Consolidated Balance Sheets and were $1.16 billion and $1.06 billion at March 31, 2023 and December 31, 2022, respectively. We recognized revenues of $0.3 billion and $0.4 billion for the three months ended March 31, 2023 and 2022, respectively, that were included in the opening balance of deferred revenues for the respective year.

Unrecognized Revenues Under Contract
At March 31, 2023, unrecognized revenues attributable to unsatisfied performance obligations under our long-term contracts were approximately $9 billion, of which $3 billion is expected to be recognized during the remainder of 2023, $2 billion in 2024, $1 billion in 2025, and $3 billion thereafter. These amounts only include contracts subject to a guaranteed fixed amount or the guaranteed minimum under variable contracts, primarily consisting of television and film licensing contracts and affiliate agreements that are subject to a fixed or guaranteed minimum fee. Such amounts change on a regular basis as we renew existing agreements or enter into new agreements. Unrecognized revenues under contracts disclosed above do not include (i) contracts with an original expected term of one year or less, mainly consisting of advertising contracts, (ii) contracts for which variable consideration is determined based on the customer’s subsequent sale or usage, mainly consisting of affiliate agreements and (iii) long-term licensing agreements for multiple programs for which variable consideration is determined based on the value of the programs delivered to the customer and our right to invoice corresponds with the value delivered.

Performance Obligations Satisfied in Previous Periods
Under certain licensing arrangements, the amount and timing of our revenue recognition is determined based on our licensees’ subsequent sale to its end customers. As a result, under such arrangements we often satisfy our performance obligation of delivery of our content in advance of revenue recognition. We recognized revenues of $0.1 billion and $0.2 billion for the three months ended March 31, 2023 and 2022, respectively, from arrangements for the licensing of our content, including from distributors of transactional video-on-demand and electronic sell-through services and other licensing arrangements, as well as from the theatrical distribution of our films, for which our performance obligation was satisfied in a prior period.
-14-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
6) DEBT
Our debt consists of the following:
AtAt
March 31, 2023December 31, 2022
7.875% Debentures due 2023
$139 $139 
7.125% Senior Notes due 2023
35 35 
4.75% Senior Notes due 2025
553 552 
4.0% Senior Notes due 2026
795 795 
3.45% Senior Notes due 2026
124 124 
2.90% Senior Notes due 2027
694 694 
3.375% Senior Notes due 2028
496 496 
3.70% Senior Notes due 2028
494 494 
4.20% Senior Notes due 2029
495 495 
7.875% Senior Debentures due 2030
830 830 
4.95% Senior Notes due 2031
1,227 1,226 
4.20% Senior Notes due 2032
975 975 
5.50% Senior Debentures due 2033
427 427 
4.85% Senior Debentures due 2034
87 87 
6.875% Senior Debentures due 2036
1,071 1,071 
6.75% Senior Debentures due 2037
75 75 
5.90% Senior Notes due 2040
298 298 
4.50% Senior Debentures due 2042
45 45 
4.85% Senior Notes due 2042
489 488 
4.375% Senior Debentures due 2043
1,132 1,130 
4.875% Senior Debentures due 2043
18 18 
5.85% Senior Debentures due 2043
1,234 1,233 
5.25% Senior Debentures due 2044
345 345 
4.90% Senior Notes due 2044
541 541 
4.60% Senior Notes due 2045
590 590 
4.95% Senior Notes due 2050
946 946 
6.25% Junior Subordinated Debentures due 2057
643 643 
6.375% Junior Subordinated Debentures due 2062
989 989 
Other bank borrowings58 55 
Obligations under finance leases8 10 
Total debt (a)
15,853 15,846 
Less current portion 240 239 
Total long-term debt, net of current portion$15,613 $15,607 
(a) At March 31, 2023 and December 31, 2022, the senior and junior subordinated debt balances included (i) a net unamortized discount of $437 million and $442 million, respectively, and (ii) unamortized deferred financing costs of $88 million and $89 million, respectively. The face value of our total debt was $16.38 billion at both March 31, 2023 and December 31, 2022.
During the first quarter of 2022, we redeemed $1.42 billion of senior notes, prior to maturity, for an aggregate redemption price of $1.48 billion and $520 million of 5.875% junior subordinated debentures due February 2057 at par. These redemptions resulted in a total pre-tax loss on extinguishment of debt of $73 million.

During the first quarter of 2022, we also issued $1.00 billion of 6.375% junior subordinated debentures due 2062.

Commercial Paper
At both March 31, 2023 and December 31, 2022, we had no outstanding commercial paper borrowings.

-15-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Credit Facility
In March 2023, we amended and extended our $3.50 billion revolving credit facility (the “Credit Facility”), which now matures in January 2027 (the “2023 Amendment”). The Credit Facility is used for general corporate purposes and to support commercial paper borrowings, if any. We may, at our option, also borrow in certain foreign currencies up to specified limits under the Credit Facility. Borrowing rates under the Credit Facility are determined at the time of each borrowing and are generally based on either the prime rate in the U.S. or an applicable benchmark rate plus a margin (based on our senior unsecured debt rating), depending on the type and tenor of the loans entered into. Under the 2023 Amendment, we replaced LIBOR as the benchmark rate for loans denominated in U.S. dollars with Term SOFR. The benchmark rate for loans denominated in euros, sterling and yen is based on EURIBOR, SONIA and TIBOR, respectively. The Credit Facility was also amended to include a provision that the occurrence of a Change of Control (as defined in the amended credit agreement) of Paramount will be an event of default that would give the lenders the right to accelerate any outstanding loans and terminate their commitments. At March 31, 2023, we had no borrowings outstanding under the Credit Facility and the remaining availability under the Credit Facility, net of outstanding letters of credit, was $3.50 billion.

The Credit Facility has one principal financial covenant which sets a maximum Consolidated Total Leverage Ratio (“Leverage Ratio”) at the end of each quarter, which prior to the 2023 Amendment was 4.5x. Under the 2023 Amendment, the maximum Leverage Ratio was increased to 5.75x for each quarter through and including the quarter ending September 30, 2024, and will then decrease to 5.5x for the quarters ending December 31, 2024 and March 31, 2025, with decreases of 0.25x for each subsequent quarter until it reaches 4.5x for the quarter ending March 31, 2026. The Leverage Ratio reflects the ratio of our Consolidated Indebtedness, net of unrestricted cash and cash equivalents at the end of a quarter, to our Consolidated EBITDA (each as defined in the amended credit agreement) for the trailing twelve-month period. Under the 2023 Amendment, the definition of the Leverage Ratio was also modified to set the maximum amount of unrestricted cash and cash equivalents that can be netted against Consolidated Indebtedness to $1.50 billion for quarters ending on or after September 30, 2024. In addition, under the 2023 Amendment, Simon & Schuster shall be treated as a continuing operation for the purposes of calculating Consolidated EBITDA until its disposition. We met the covenant as of March 31, 2023.

Other Bank Borrowings
At March 31, 2023 and December 31, 2022, we had bank borrowings under Miramax’s $300 million credit facility, which matured in April 2023, of $58 million and $55 million, respectively, with weighted average interest rates of 7.48% and 7.09%, respectively.
7) FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
The carrying value of our financial instruments approximates fair value, except for notes and debentures. At March 31, 2023 and December 31, 2022, the carrying value of our outstanding notes and debentures was $15.79 billion and $15.78 billion, respectively, and the fair value, which is determined based on quoted prices in active markets (Level 1 in the fair value hierarchy) was $14.2 billion and $13.9 billion, respectively.

Investments
The carrying value of our investments without a readily determinable fair value for which we have no significant influence was $72 million and $70 million at March 31, 2023 and December 31, 2022, respectively. These investments are included in “Other assets” on the Consolidated Balance Sheets.

-16-



PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
In April 2023, our ownership of Viacom18 was diluted from 49% to 13% as a result of investment by other investors. Accordingly, we will no longer account for this investment under the equity-method. The difference between the carrying value of our 49% interest and the fair value of our 13% interest, as indicated by the additional investments, will be recognized as a noncash gain of approximately $160 million during the second quarter of 2023.

Foreign Exchange Contracts
We use derivative financial instruments primarily to manage our exposure to market risks from fluctuations in foreign currency exchange rates. We do not use derivative instruments unless there is an underlying exposure and, therefore, we do not hold or enter into derivative financial instruments for speculative trading purposes.

Foreign exchange forward contracts have principally been used to hedge projected cash flows, in currencies such as the British pound, the euro, the Canadian dollar and the Australian dollar, generally for periods up to 24 months. We designate foreign exchange forward contracts used to hedge committed and forecasted foreign currency transactions as cash flow hedges. Additionally, we enter into non-designated forward contracts to hedge non-U.S. dollar denominated cash flows.

At March 31, 2023 and December 31, 2022, the notional amount of all foreign exchange contracts was $3.45 billion and $3.06 billion, respectively. At March 31, 2023, $2.86 billion related to future production costs and $588 million related to our foreign currency balances and other expected foreign currency cash flows. At December 31, 2022, $2.40 billion related to future production costs and $655 million related to our foreign currency balances and other expected foreign currency cash flows.

Gains recognized on derivative financial instruments were as follows:
Three Months Ended
March 31,
20232022Financial Statement Account
Non-designated foreign exchange contracts$1 $2 Other items, net
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PARAMOUNT GLOBAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Tabular dollars in millions, except per share amounts)
Fair Value Measurements